Pep Boys 2008 Annual Report Download - page 135
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 31, 2009, February 2, 2008 and February 3, 2007
(dollar amounts in thousands, except share data)
The following table sets forth the reconciliation of the benefit obligation, fair value of plan assets
and funded status of the Company’s defined benefit plans:
January 31, February 2,
Year ended 2009 2008
Measurement Date ......................................... January 31, February 2,
2009 2008
Change in Benefit Obligation:
Benefit obligation at beginning of year ........................... $56,533 $ 57,614
Service cost ............................................... 110 166
Interest cost .............................................. 3,345 3,419
Plan amendment ........................................... — 64
FAS 158 change in measurement date ............................ — 299
Curtailment gain ........................................... (2,606)
Actuarial loss (gain) ......................................... 829 (3,028)
Benefits paid .............................................. (21,215) (2,001)
Benefit obligation at end of year ............................... $36,996 $ 56,533
Change in Plan Assets:
Fair value of plan assets at beginning of year ....................... $37,280 $ 37,494
Actual return on plan assets (net of expenses) ...................... (8,291) 933
FAS 158 change in measurement date ............................ — 193
Employer contributions ...................................... 19,918 661
Benefits paid .............................................. (21,215) (2,001)
Fair value of plan assets at end of year ........................... $27,692 $ 37,280
Unfunded Status at Fiscal Year End ............................. $ (9,304) $(19,253)
Net Amounts Recognized on Consolidated Balance Sheet at Fiscal Year
End
Current benefit liability (included in accrued expenses) ............... $ — $ (2,865)
Noncurrent benefit liability (included in other long-term liabilities) ....... (9,304) (16,388)
Net amount recognized at fiscal year end ......................... $ (9,304) $(19,253)
Amounts Recognized in Other Comprehensive Income (Pre-Tax) at Fiscal
Year End
Net loss ................................................. $12,233 $ 9,671
Prior service cost ........................................... 68 1,137
Net amount recognized at fiscal year end ......................... $12,301 $ 10,808
Other Comprehensive Loss (Income) Attributable to Change in Pension
Liability Recognition ...................................... $ 1,493 $ (4,118)
Accumulated Benefit Obligation at Fiscal Year End .................. 36,996 53,715
Cash Flows
Employer contributions expected during fiscal 2009 and 2008 ........... $ — $ 2,865
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